US, China Open Talks on AI, Tariffs, Critical Minerals Ahead of Trump-Xi Summit

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in New York on September 20, 2026, to lay groundwork for a Trump-Xi summit this week, covering AI, tariffs and critical minerals. Talks at JPMorgan Chase headquarters, joined by US Trade Representative Jamieson Greer, focus on extending a trade truce expiring November 10, Chinese rare-earth magnet flows that a senior US official said remain "not up to par," and AI guard rails after reported model security breaches. Analysts expect only incremental deliverables, not a breakthrough. Unresolved items include tariff cuts on non-strategic goods, China's pledge to buy $17 billion in US agricultural goods annually and more than 200 Boeing aircraft. The November 2025 Busan truce capped tariffs near 20% after triple-digit escalation. The Supreme Court later struck down national-emergency tariffs; the administration has restored a 12.5% duty on Chinese goods over forced-labor allegations.